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LIC Jeevan Lakshya Policy Terms and Conditions

Minimum age	18 years (Completed)
Maximum age	50 years
Maximum maturity age	65 years
Policy Term	13 years to 25years
Premium paying term	Policy term -3years
Minimum Sum Assured	Rs.1,00,000
Maximum Sum Assured	No limit
Premium payment mode	Yearly / Half yearly / Quarterly / Monthly (ECS)
Loan	Eligible after 2 years
Surrender	Eligible after 2 years
On Death	(i) Sum Assured (If chosen, Term Rider option) (ii) 10% of Sum Assured is paid every year till maturity of the policy term (iii) Future premiums are waived till maturity (iv) Sum Assured + Bonus is paid on the stipulated policy term
On Maturity	Sum Assured + Bonus + Final additional bonus
Income Tax Benefits	(i) Premiums paid are eligible for Tax rebate u/s 80c (ii) Maturity amount/Death claim is Non-taxable u/s 10(10d)

How does Jeevan Lakshya Plan work for you

LIC Jeevan Lakshya Plan Benefits

Death Benefit

When the death of the policyholder occurs before end of policy term, then the nominee will receive:

i. 10% of the Basic Sum Assured as an Annual Income Benefit from the next policy anniversary date to the policy anniversary date one year before the Maturity Date.

ii. A sum equivalent to 110% of the Sum Assured payable on maturity date.

iii. Simple Reversionary Bonus which has accumulated throughout the policy term payable on the Maturity Date

iv. Final Addition Bonus if declared by LIC payable on the Maturity Date

Maturity Benefit

As the maturity benefit of your plan, if the policy holder has paid all the premiums promptly, he/she will receive a lump sum cash value equaling the sum assured, simple reversionary benefit plus bonus upon the maturity of the policy.

Surrender Value

If the policy is surrendered after at least three years and all the premiums are paid promptly, guaranteed surrender value can be availed. Guaranteed surrender value is calculated through the total of all the premiums paid till that date.

Loan

A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring a surrender value.

Profit Participation

As a policyholder the participant, you are entitled to the profits of the insurance company by way of eligible for Simple Reversionary Bonus and Final Additional Bonus as declared by LIC and will be paid at the time of Maturity of the policy or as the death benefit.

Income Tax Benefit

All premiums paid on LIC Jeevan Lakshya policies LIC Tax Saving Plans qualify for tax exemption under Sec. 80C of the Income Tax Act. Also, the maturity amount earned by a policyholder is free from tax under Sec. 10D of the Income Tax Act.

Life Cover

If the unfortunate event of a policyholder’s death occurs:

i. According to the terms & conditions of the policy, LIC will pay out 10% of basic sum assured as annual income benefit on each anniversary date.

ii. At maturity, the assured amount equivalent of 110% of basic sum assured is paid on the policy anniversary

iii. Simple Reversionary Bonuses and Final Additional bonuses are also included in the death benefit.

iv. If the policy holder avails the New Term Assurance rider by paying an additional premium; a sum equivalent of the sum assured of the term assurance rider will be paid to the beneficiary.

Additional Benefits of LIC Jeevan Lakshya Plan

Riders

i. Accidental death and disability rider benefit
With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan. Similarly, in the case of accidental disability, the accidental rider benefit sum assured is paid in equal monthly installments for 10 years. Furthermore, all premiums paid or future premium payments are waived off.

ii. New Term Assurance Rider
LIC New Term Assurance Rider can be availed at the inception of the policy and under this rider option, LIC will offer the beneficiary an additional term assurance sum assured amount in case of policy holder during the policy tenure. This rider option is available for a policy tenure of 35 years or until the plan anniversary when the policyholder turns 75 years of age, whichever happens first.

Bonus

i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.

ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you

Frequently Asked Questions